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The U.S. Securities and Exchange Commission (SEC) has approved eight applications for spot ETH ETF funds to get trade in open markets, but it still needs to approve the S-1 form to start trading.

The regulator approved 19b-4 forms for the ETF applications filed by BlackRock, Fidelity, Grayscale, Bitwise, Ark, Invesco Galaxy, and Franklin Templeton. However, this changed earlier this week when the SEC began engaging with issuers and requested the submission of 19b-4 forms.

Some experts believe that the spot ETF approval will push ETH’s price past its current all-time high. However, this shift could have security implications for the broader Ethereum ecosystem. If ETH stake holders continue to withdraw their previously staked coins and move them to the newly approved ETFs, it could weaken the security of the Ethereum network.

As of now, at the time of writing this article, ETH is trading around $3,700 and has a growth in its price by over 20% in the past week and stands at a market capitalization of $445 Billion

>> Disclaimer Risk warning:- Cryptocurrency Investment is subject to high market risk. The information on our website is for educational purposes only. Please do your own research before investing anywhere, we will not be responsible for your investment losses.

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